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PMV Pharmaceuticals, Inc. (PMVP) Special Call - Slideshow (NASDAQ:PMVP)
Seeking Alpha· 2025-09-11 23:19
Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team ...
Small-Cap PMV Pharmaceuticals Cancer Drug Shows Confirmed Responses In 8 Tumor Types
Benzinga· 2025-09-10 19:10
PMV Pharmaceuticals, Inc. PMVP on Wednesday released interim data from the Phase 2 pivotal portion of the PYNNACLE clinical trial evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation.As of the data cutoff date of August 4, 2025, the safety population consisted of 109 patients treated with at least one dose of rezatapopt 2000 mg daily as monotherapy.EfficacyConfirmed responses were observed in patients whose tumors were TP53 Y220C mutated and KRAS wild-type in eight tu ...
PMV Pharmaceuticals Announces Promising Rezatapopt Monotherapy Interim Data From PYNNACLE Phase 2 Trial Across Multiple Solid Tumors With a TP53 Y220C Mutation
Globenewswire· 2025-09-10 11:00
PYNNACLE Phase 2 pivotal clinical trial interim data include confirmed responses observed in eight tumor types spanning ovarian, lung, breast, endometrial, head and neck, colorectal, gallbladder, and ampullary carcinoma33% overall response rate (ORR) observed among 97 evaluable patients across all cohorts with a median duration of response of 6.2 months43% ORR observed among 44 evaluable patients in ovarian cancer cohort with a median duration of response of 7.6 monthsRezatapopt New Drug Application submiss ...
PMV Pharmaceuticals Reports Second Quarter 2025 Financial Results and Corporate Highlights
GlobeNewswire News Room· 2025-08-07 12:42
Core Viewpoint - PMV Pharmaceuticals reported its financial results for Q2 2025, highlighting a significant increase in net loss and ongoing clinical trials for its lead product, rezatapopt, which targets p53 mutations in various cancers [3][7]. Financial Results - As of June 30, 2025, PMV Pharma had $148.3 million in cash, cash equivalents, and marketable securities, down from $165.8 million as of March 31, 2025 [3][6]. - The net loss for Q2 2025 was $21.2 million, a substantial increase from $1.2 million in Q2 2024, primarily due to the previous year's tax benefit from the sale of accumulated net operating losses [7]. - Research and development (R&D) expenses rose to $18.4 million in Q2 2025 from $14.6 million in Q2 2024, attributed to increased costs associated with the rezatapopt program [7]. - General and administrative (G&A) expenses decreased to $4.5 million in Q2 2025 from $5.5 million in Q2 2024, mainly due to reduced stock-based compensation and operational costs [7]. Clinical Development - PMV Pharma is advancing the Phase 2 PYNNACLE clinical trial for rezatapopt, with an investor webinar scheduled for September 10, 2025, to present interim analysis data from approximately 65 patients [2][6]. - The PYNNACLE trial is evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation, with a focus on efficacy and safety [5][6]. Product Information - Rezatapopt (PC14586) is a first-in-class small molecule designed to reactivate the p53 tumor suppressor function in patients with specific mutations [4]. - The U.S. FDA has granted Fast Track designation to rezatapopt for treating locally advanced or metastatic solid tumors with a p53 Y220C mutation [4]. Company Overview - PMV Pharmaceuticals specializes in precision oncology, focusing on small molecule therapies targeting p53 mutations, which are present in approximately half of all cancers [8]. - The company was co-founded by Dr. Arnold Levine, a pioneer in p53 biology, and is headquartered in Princeton, New Jersey [8].
PMV Pharmaceuticals(PMVP) - 2025 Q2 - Quarterly Report
2025-08-07 12:00
PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, and statements of cash flows, along with detailed notes explaining the company's financial position, performance, and accounting policies [Condensed Consolidated Balance Sheets (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' equity at specific points in time Condensed Consolidated Balance Sheet Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | **Assets** | | | | Cash and cash equivalents | $44,127 | $40,876 | | Marketable securities, current | $98,147 | $128,578 | | Prepaid expenses and other current assets | $3,037 | $6,204 | | Total current assets | $145,311 | $175,658 | | Property and equipment, net | $287 | $409 | | Marketable securities, noncurrent | $6,032 | $13,843 | | Right-of-use assets | $977 | $1,143 | | Other assets | $248 | $235 | | **Total assets** | **$152,855** | **$191,288** | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | $2,598 | $6,579 | | Accrued expenses | $8,632 | $7,439 | | Operating lease liabilities, current | $377 | $352 | | Total current liabilities | $11,607 | $14,370 | | Operating lease liabilities, noncurrent | $643 | $838 | | **Total liabilities** | **$12,250** | **$15,208** | | Additional paid-in capital | $547,942 | $544,653 | | Accumulated deficit | $(407,358) | $(368,712) | | Accumulated other comprehensive income | $21 | $139 | | **Total stockholders' equity** | **$140,605** | **$176,080** | | **Total liabilities and stockholders' equity** | **$152,855** | **$191,288** | [Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) This statement outlines the company's financial performance over specific periods, showing revenues, expenses, and the resulting net loss Condensed Consolidated Statements of Operations Data | Operating Expenses (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $18,400 | $14,628 | $35,841 | $27,813 | | General and administrative | $4,479 | $5,542 | $8,600 | $10,578 | | Total operating expenses | $22,879 | $20,170 | $44,441 | $38,391 | | Loss from operations | $(22,879) | $(20,170) | $(44,441) | $(38,391) | | Interest income, net | $1,690 | $2,801 | $3,625 | $5,753 | | Other expense, net | $(16) | $(17) | $(21) | $(18) | | Total other income | $1,674 | $2,784 | $3,604 | $5,735 | | Loss before income taxes | $(21,205) | $(17,386) | $(40,837) | $(32,656) | | Provision (benefit) for income taxes | $5 | $(16,173) | $(2,191) | $(16,173) | | Net loss | $(21,210) | $(1,213) | $(38,646) | $(16,483) | | Net loss per share -- basic and diluted | $(0.41) | $(0.02) | $(0.74) | $(0.32) | | Weighted-average common shares outstanding | 52,010,827 | 51,478,751 | 51,981,607 | 51,462,307 | [Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) This statement details the changes in the company's equity components, including additional paid-in capital, accumulated deficit, and comprehensive income, over specific periods - **Total stockholders' equity** decreased from **$176,080 thousand** at December 31, 2024, to **$140,605 thousand** at June 30, 2025, primarily due to a **net loss of $38,646 thousand** for the six months ended June 30, 2025[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities over specific periods Condensed Consolidated Statements of Cash Flows Data | Cash Flows (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net cash used in operating activities | $(36,568) | $(17,782) | | Net cash provided by (used in) investing activities | $39,700 | $28,489 | | Net cash provided by financing activities | $113 | $141 | | Impact of exchange rates on cash | $6 | $(28) | | Net increase (decrease) in cash and cash equivalents | $3,251 | $10,820 | | Cash, cash equivalents, and restricted cash - beginning of period | $40,876 | $38,528 | | Cash, cash equivalents, and restricted cash - end of period | $44,127 | $49,348 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the unaudited condensed consolidated financial statements [1. Formation and Business of the Company](index=9&type=section&id=1.%20Formation%20and%20Business%20of%20the%20Company) This note describes the company's core business as a precision oncology firm and its financial viability - PMV Pharmaceuticals, Inc. is a **precision oncology company** focused on discovering and developing small molecule, **tumor-agnostic therapies** targeting p53[28](index=28&type=chunk) - The Company has incurred **net losses** and **negative cash flows** from operations since inception, with a **net loss of $38,646 thousand** for the six months ended June 30, 2025, and an **accumulated deficit of $407,358 thousand**[30](index=30&type=chunk) - As of June 30, 2025, **cash, cash equivalents, and marketable securities totaled $148,306 thousand**, which management believes is **adequate to fund operations** for the next **12 months**[30](index=30&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the accounting principles and methods used in preparing the financial statements - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and include normal recurring adjustments[32](index=32&type=chunk) - The Company adopted FASB ASU 2023-07, Segment Reporting, on December 31, 2024, which requires enhanced interim and annual segment disclosures[53](index=53&type=chunk) - New accounting pronouncements, ASU No. 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation), are not yet adopted but are being evaluated for potential impact[54](index=54&type=chunk)[55](index=55&type=chunk) [3. Fair Value Measurements](index=12&type=section&id=3.%20Fair%20Value%20Measurements) This note details the valuation methodologies and classifications for the company's financial assets Fair Value Measurements of Financial Assets | Financial Assets (in thousands) | Carrying Amount (June 30, 2025) | Fair Value (June 30, 2025) | Level 1 (June 30, 2025) | Level 2 (June 30, 2025) | | :------------------------------ | :------------------------------ | :------------------------- | :---------------------- | :---------------------- | | Money market funds | $34,068 | $34,068 | $34,068 | $— | | Corporate securities | $34,207 | $34,197 | $— | $34,197 | | Government securities | $79,917 | $79,944 | $42,375 | $37,569 | | **Total financial assets** | **$148,192** | **$148,209** | **$76,443** | **$71,766** | - As of June 30, 2025, **cash equivalents and marketable securities totaled $148,306 thousand**, primarily consisting of money market funds, corporate securities, and government securities[30](index=30&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [4. Property and Equipment, Net](index=13&type=section&id=4.%20Property%20and%20Equipment%2C%20Net) This note provides information on the company's fixed assets, including their cost, accumulated depreciation, and net book value Property and Equipment, Net Breakdown | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Machinery & equipment | $1,447 | $1,782 | | Computers | $13 | $13 | | Furniture & fixtures | $23 | $23 | | Leasehold improvements | $66 | $51 | | Total property and equipment | $1,549 | $1,869 | | Less: Accumulated depreciation | $(1,262) | $(1,460) | | **Property and equipment, net** | **$287** | **$409** | - Depreciation expense for the three months ended June 30, 2025, was **$32 thousand**, a **decrease** from **$372 thousand** in the prior year, and for the six months, it was **$69 thousand**, down from **$734 thousand**[62](index=62&type=chunk) [5. Accrued Expenses](index=13&type=section&id=5.%20Accrued%20Expenses) This note breaks down the components of the company's accrued liabilities Accrued Expenses Breakdown | Accrued Expense (in thousands) | June 30, 2025 | December 31, 2024 | | :----------------------------- | :------------ | :---------------- | | Accrued compensation | $3,056 | $5,005 | | Accrued research and development costs | $5,450 | $2,177 | | Accrued legal and professional services | $126 | $257 | | **Total** | **$8,632** | **$7,439** | [6. Commitments and Contingencies](index=14&type=section&id=6.%20Commitments%20and%20Contingencies) This note describes the company's contractual obligations and potential future liabilities, particularly related to leases - The Company terminated the One Research Way Lease in October 2024, resulting in a **$4,850 thousand gain** on derecognition of lease-related assets/liabilities and a **$9,454 thousand write-off** of leasehold improvements, leading to a **net loss of $6,024 thousand** in G&A[67](index=67&type=chunk) - New subleases for headquarters (400 Alexander Park Drive) and laboratory space (311 Pennington Rocky Hill Road) commenced in October and September 2024, respectively, with **total future payments of $789 thousand** and **$768 thousand**[68](index=68&type=chunk)[69](index=69&type=chunk) Operating Lease Costs | Lease Cost (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $118 | $355 | $235 | $709 | | Variable lease cost | $18 | $228 | $34 | $361 | | **Total lease cost** | **$136** | **$583** | **$269** | **$1,070** | [7. Stockholders' Equity](index=15&type=section&id=7.%20Stockholders'%20Equity) This note details the changes in the company's common stock and equity programs - As of June 30, 2025, there were **52,993,238 shares** of common stock issued and outstanding, compared to **51,935,134 shares** at December 31, 2024[74](index=74&type=chunk) - The Company has an At-The-Market (ATM) Program with approximately **$113.8 million** remaining in gross proceeds available for future common stock issuances as of June 30, 2025[77](index=77&type=chunk) [8. Stock Plan](index=16&type=section&id=8.%20Stock%20Plan) This note provides information on the company's equity incentive plans and stock-based compensation expenses - The 2020 Equity Incentive Plan had **4,338,125 shares available for issuance** as of June 30, 2025, after an **increase of 2,596,638 shares** effective January 1, 2025[78](index=78&type=chunk) - An Option Exchange completed in August 2024 resulted in the grant of new options covering **2,786,691 shares** with a new vesting schedule, leading to **incremental stock-based compensation expense of $1,370 thousand**[82](index=82&type=chunk) Stock-based Compensation Expense | Stock-based Compensation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Stock options | $1,341 | $1,856 | $2,516 | $4,069 | | Restricted stock units | $281 | $856 | $559 | $1,199 | | Employee stock purchase plan | $46 | $55 | $101 | $109 | | **Total stock-based compensation** | **$1,668** | **$2,767** | **$3,176** | **$5,377** | [9. Income Taxes](index=19&type=section&id=9.%20Income%20Taxes) This note explains the company's income tax provisions, effective tax rates, and deferred tax assets and liabilities - The **effective tax rate** was **0%** for the three months ended June 30, 2025, compared to **92.6%** for the same period in 2024[91](index=91&type=chunk) - The Company recorded a full valuation allowance on federal and state net deferred tax assets due to not forecasting a taxable position in the near future[92](index=92&type=chunk) - For the six months ended June 30, 2025, the Company received an **income tax benefit of $2,196 thousand** from the sale of New Jersey NOL carryforwards and R&D tax credits, reaching the program's sale limit[93](index=93&type=chunk) [10. Net Loss per Share](index=20&type=section&id=10.%20Net%20Loss%20per%20Share) This note details the calculation of basic and diluted net loss per share and the common stock equivalents excluded from dilution Common Stock Equivalents Excluded from Diluted EPS | Common Stock Equivalents Excluded from Diluted EPS | As of June 30, 2025 | As of June 30, 2024 | | :----------------------------------------------- | :------------------ | :------------------ | | Options to purchase common stock | 12,211,331 | 8,742,868 | | Unvested restricted stock units | — | 1,136,411 | | Expected shares to be purchased under 2020 ESPP | 6,845 | 21,744 | | **Total** | **12,218,176** | **9,901,023** | [11. Related Parties](index=20&type=section&id=11.%20Related%20Parties) This note discloses transactions and relationships with related parties - **Total consulting fees** paid to three board members were **$50 thousand** for the three months ended June 30, 2025, and **$100 thousand** for the six months ended June 30, 2025[96](index=96&type=chunk) [12. Restructuring](index=20&type=section&id=12.%20Restructuring) This note describes the company's restructuring plan, including workforce reductions and associated costs - In January 2024, the Company implemented a **restructuring plan**, reducing its workforce by approximately **30%** to streamline operations and preserve capital[97](index=97&type=chunk) - A **non-recurring charge of $597 thousand**, primarily for employee severance and benefits, was incurred and paid in full during fiscal year 2024, recorded in research and development expenses[98](index=98&type=chunk) [13. Segment Information](index=20&type=section&id=13.%20Segment%20Information) This note provides financial information about the company's operating segments and the breakdown of expenses - The Company operates and manages its business as a single operating and reporting segment, with the CEO serving as the Chief Operating Decision-Maker (CODM)[100](index=100&type=chunk) Operating Expenses by Category | Expense Category (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | | **Research and Development** | | | | Research | $2,571 | $2,627 | | Development | $24,875 | $15,528 | | Personnel related | $7,018 | $7,422 | | Stock-based compensation | $1,377 | $2,236 | | **Total research and development** | **$35,841** | **$27,813** | | **General and Administration** | | | | Personnel related | $2,896 | $2,744 | | Stock-based compensation | $1,799 | $3,139 | | External | $3,905 | $4,695 | | **Total general and administrative** | **$8,600** | **$10,578** | | **Loss from Operations** | **$44,441** | **$38,391** | [14. Subsequent Event](index=21&type=section&id=14.%20Subsequent%20Event) This note discloses events that occurred after the balance sheet date but before the financial statements were issued - The Company evaluated subsequent events through August 7, 2025, and determined there were no events requiring adjustment or disclosure in the financial statements[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and operational results, highlighting its strategic focus on precision oncology, the progress of its lead product candidate, rezatapopt, through clinical trials, and the financial performance for the three and six months ended June 30, 2025, compared to the prior year. It also discusses liquidity, capital resources, and critical accounting policies [Overview](index=22&type=section&id=Overview) This section provides a high-level summary of the company's business, strategic focus, and recent financial performance - PMV Pharmaceuticals is a **precision oncology company** developing small molecule, **tumor-agnostic therapies** targeting p53 mutations, found in approximately half of all cancers[108](index=108&type=chunk) - The lead product candidate, rezatapopt, is in a **pivotal Phase 2 monotherapy portion** of the PYNNACLE clinical trial, with interim data expected by early September 2025[109](index=109&type=chunk) - The Company incurred **net losses of $21.2 million** and **$38.6 million** for the three and six months ended June 30, 2025, respectively, with an **accumulated deficit of $407.4 million**[109](index=109&type=chunk) [Components of Results of Operations](index=23&type=section&id=Components%20of%20Results%20of%20Operations) This section explains the key drivers and categories of the company's financial results, including revenue and expense recognition - The Company has not generated any revenue from product sales to date and does not expect to in the foreseeable future[114](index=114&type=chunk) - **Research and development expenses**, which are expensed as incurred and not allocated by product candidate, are expected to **increase significantly** as product candidates advance through clinical trials[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - **General and administrative expenses**, including personnel and professional services, are also expected to **increase** with the advancement of product candidates and public company obligations[118](index=118&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance over specific periods, comparing current results to prior periods [Comparison of the Three Months ended June 30, 2025 and 2024](index=24&type=section&id=Comparison%20of%20the%20Three%20Months%20ended%20June%2030%2C%202025%20and%202024) This section compares the company's financial performance for the three-month periods ended June 30, 2025, and 2024 Operating Expenses and Net Loss (Three Months) | Operating Expenses (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :----- | | Research and development | $18,400 | $14,628 | $3,772 | | General and administrative | $4,479 | $5,542 | $(1,063) | | Total operating expenses | $22,879 | $20,170 | $2,709 | | Loss from operations | $(22,879) | $(20,170) | $(2,709) | | Interest income, net | $1,690 | $2,801 | $(1,111) | | Other expense, net | $(16) | $(17) | $1 | | Total other income | $1,674 | $2,784 | $(1,110) | | Loss before income taxes | $(21,205) | $(17,386) | $(3,819) | | Provision (benefit) for income taxes | $5 | $(16,173) | $16,178 | | Net loss | $(21,210) | $(1,213) | $(19,997) | - **Research and development expenses increased by $3.8 million**, primarily due to higher development and personnel-related expenses for advancing rezatapopt in Phase 2 clinical trials, offset by decreased research and stock-based compensation expenses[123](index=123&type=chunk)[126](index=126&type=chunk) - **General and administrative expenses decreased by $1.0 million**, mainly due to lower personnel expenses (stock-based compensation), reduced facility and equipment expenses from lease expirations, and decreased director and officer insurance fees[123](index=123&type=chunk) - **Net interest income decreased by $1.1 million** due to lower interest rates on cash and marketable securities[124](index=124&type=chunk) [Comparison of the Six Months ended June 30, 2025 and 2024](index=25&type=section&id=Comparison%20of%20the%20Six%20Months%20ended%20June%2030%2C%202025%20and%202024) This section compares the company's financial performance for the six-month periods ended June 30, 2025, and 2024 Operating Expenses and Net Loss (Six Months) | Operating Expenses (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :----- | | Research and development | $35,841 | $27,813 | $8,028 | | General and administrative | $8,600 | $10,578 | $(1,978) | | Total operating expenses | $44,441 | $38,391 | $6,050 | | Loss from operations | $(44,441) | $(38,391) | $(6,050) | | Interest income, net | $3,625 | $5,753 | $(2,128) | | Other expense, net | $(21) | $(18) | $(3) | | Total other income | $3,604 | $5,735 | $(2,131) | | Loss before income taxes | $(40,837) | $(32,656) | $(8,181) | | Provision (benefit) for income taxes | $(2,191) | $(16,173) | $13,982 | | Net loss | $(38,646) | $(16,483) | $(22,163) | - **Research and development expenses increased by $8.1 million**, primarily driven by a **$9.3 million increase** in development expenses due to higher CRO costs for the Phase 2 clinical trial of rezatapopt, partially offset by a **$1.3 million decrease** in personnel-related costs and stock-based compensation[127](index=127&type=chunk)[131](index=131&type=chunk) - **General and administrative expenses decreased by $2.0 million**, mainly due to a **$1.2 million decrease** in personnel expenses (headcount reduction) and a **$0.7 million decrease** in facility and equipment expenses following the termination of the One Research Way Lease[128](index=128&type=chunk) - **Interest income, net, decreased by $2.2 million** due to decreased interest rates on cash and marketable securities[129](index=129&type=chunk) - The Company recognized a **$2.2 million income tax benefit** from the New Jersey Technology Business Tax Certificate Program for NOL and R&D tax credit sales, reaching the program's limit as of March 31, 2025[130](index=130&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet its short-term and long-term financial obligations and its sources of funding Liquidity and Capital Resources Summary | Financial Metric (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change | | :------------------------------ | :------------------ | :---------------------- | :----- | | Cash and cash equivalents | $44,127 | $40,876 | $3,251 | | Marketable securities – current | $98,147 | $128,578 | $(30,431) | | Marketable securities – noncurrent | $6,032 | $13,843 | $(7,811) | | **Total financial assets** | **$148,306** | **$183,297** | **$(34,991)** | | Current assets | $145,311 | $175,658 | $(30,347) | | Current liabilities | $11,607 | $14,370 | $(2,763) | | **Total working capital** | **$133,704** | **$161,288** | **$(27,584)** | - As of June 30, 2025, the Company had **$148.3 million** in **cash, cash equivalents, and marketable securities**, and an **accumulated deficit of $407.4 million**[134](index=134&type=chunk) - The Company has approximately **$113.8 million** remaining under its At-The-Market (ATM) equity offering program for future common stock issuances[135](index=135&type=chunk) - Based on current plans, existing **cash, cash equivalents, and marketable securities** are expected to fund operations until the end of 2026[140](index=140&type=chunk) [Cash Flows](index=29&type=section&id=Cash%20Flows) This section analyzes the company's cash generation and usage from operating, investing, and financing activities Cash Flow Summary | Cash Flows (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Cash used in operating activities | $(36,568) | $(17,782) | | Cash provided by (used in) investing activities | $39,700 | $28,489 | | Cash provided by financing activities | $113 | $141 | | Impact of exchange rates on cash | $6 | $(28) | | Net increase (decrease) in cash and cash equivalents | $3,251 | $10,820 | - **Net cash used in operating activities increased to $36.6 million** for the six months ended June 30, 2025, from **$17.8 million** in the prior year, primarily due to a higher **net loss**[144](index=144&type=chunk)[145](index=145&type=chunk) - **Net cash provided by investing activities increased to $39.7 million** for the six months ended June 30, 2025, from **$28.5 million** in the prior year, driven by maturities of marketable securities exceeding purchases[146](index=146&type=chunk)[147](index=147&type=chunk) [Critical Accounting Policies and Estimates](index=29&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights the accounting policies that require significant judgment and the use of estimates - **Critical accounting policies** involve **significant judgment and complexity**, particularly regarding research and development costs, accrued R&D costs, and related prepaid expenses[151](index=151&type=chunk)[152](index=152&type=chunk) - Estimates for accrued R&D expenses are based on reviewing open contracts, purchase orders, and communications with personnel, with periodic confirmations and adjustments[153](index=153&type=chunk) - No **material changes** to **critical accounting policies** were reported during the six-month period ended June 30, 2025, from those described in the 2024 Annual Report on Form 10-K[151](index=151&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to market risks, primarily focusing on interest rate risk and noting the current immateriality of foreign currency exchange rate risk - The Company's **primary market risk exposure** relates to **interest rate risks**, given its holdings of **$148.3 million** in **cash, cash equivalents, and marketable securities** as of June 30, 2025[155](index=155&type=chunk)[156](index=156&type=chunk) - **Interest rate risk** is considered immaterial due to the nature and amount of money-market funds and marketable securities[156](index=156&type=chunk) - Currently, the Company is not exposed to significant market risk from foreign currency exchange rates, though this may change with future international vendor contracts[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures and reports no material changes in internal control over financial reporting during the most recent fiscal quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's **disclosure controls and procedures** were effective at the reasonable assurance level as of June 30, 2025[161](index=161&type=chunk) - There have been no **material changes** in the Company's **internal control over financial reporting** during the most recent fiscal quarter[162](index=162&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section states that the company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business - The Company is not currently involved in any litigation or legal proceedings that are likely to have a **material adverse effect**[165](index=165&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section refers to previously disclosed risk factors and updates them with new information regarding potential impacts from changes in tax laws, such as the OBBB Act, and geopolitical tensions affecting manufacturing and supply chains, particularly in China - No **material changes** to risk factors were reported other than those described, which supplement the Annual Report on Form 10-K[166](index=166&type=chunk) - The recently enacted One Big Beautiful Bill Act (OBBB Act) permanently suspends the requirement to capitalize and amortize domestic R&D expenditures, allowing current deductions, with the full impact still being evaluated[167](index=167&type=chunk) - **Increased tariffs** and trade policy changes by the U.S. and China, including additional tariffs on imports from China and potential tariffs on pharmaceutical products, could **materially adversely affect** the Company's business, financial condition, and results of operations due to reliance on third-party manufacturers in China[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms that there were no unregistered sales of equity securities and no material changes in the planned use of proceeds from the company's initial public offering - There were no **unregistered sales of equity securities** during the period[171](index=171&type=chunk) - There has been **no material change in the planned use of proceeds** from the initial public offering[172](index=172&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section reports that the company has not defaulted on any senior securities - There were **no defaults upon senior securities**[174](index=174&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company's operations - Mine Safety Disclosures are **not applicable** to the Company[175](index=175&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section indicates that there is no other information to report - **No other information is applicable** for this item[176](index=176&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate documents, certifications, and XBRL data files - The report includes various exhibits such as the Amended and Restated Certificate of Incorporation, Bylaws, certifications from executive officers (31.1, 31.2, 32.1, 32.2), and Inline XBRL documents[178](index=178&type=chunk) [Signatures](index=37&type=section&id=Signatures) This section contains the required signatures from the company's principal executive officer and principal financial and accounting officer, certifying the report - The report is signed by David H. Mack, Ph.D., President, Chief Executive Officer, and Director, and Michael Carulli, Chief Financial Officer, on August 7, 2025[183](index=183&type=chunk)
PMV Pharmaceuticals(PMVP) - 2025 Q2 - Quarterly Results
2025-08-07 12:00
Corporate Overview & Highlights PMV Pharma's Q2 2025 results show **$148.3 million** cash, increased net loss, and progress in the PYNNACLE clinical trial [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) PMV Pharma ended Q2 2025 with **$148.3 million** in cash, reporting an increased net loss of **$21.2 million** and higher R&D expenses, with decreased G&A expenses - Cash, cash equivalents, and marketable securities totaled **$148.3 million** as of June 30, 2025, a decrease from **$165.8 million** as of March 31, 2025, providing an expected cash runway to the end of 2026[4](index=4&type=chunk)[6](index=6&type=chunk) - Net cash used in operations was **$36.5 million** for the six months ended June 30, 2025, compared to **$17.8 million** for the same period in 2024[4](index=4&type=chunk) - The increase in net loss for Q2 2025 was primarily due to a **$16.2 million** income tax benefit recognized in Q2 2024 from the sale of New Jersey accumulated net operating losses[7](index=7&type=chunk) Q2 2025 vs Q2 2024 Key Financials (in millions) | Metric | Q2 2025 | Q2 2024 | Change | Reason | | :----- | :------ | :------ | :----- | :----- | | Net Loss | $(21.2) | $(1.2) | Increased | Due to $16.2 million income tax benefit from sale of New Jersey NOLs in Q2 2024 | | R&D Expenses | $18.4 | $14.6 | Increased | Primarily due to increased contractual research organization costs for rezatapopt program | | G&A Expenses | $4.5 | $5.5 | Decreased | Primarily due to reduced spend for stock-based compensation and facility/operational expenses | [Corporate and Clinical Development Updates](index=1&type=section&id=Corporate%20and%20Clinical%20Development%20Updates) PMV Pharma advances its registrational Phase 2 PYNNACLE clinical trial and plans an investor webinar on September 10, 2025, for interim data review - PMV Pharma will host an investor webinar on Wednesday, September 10, 2025, at 8:00 AM ET to review interim analysis data from the Phase 2 PYNNACLE clinical trial[3](index=3&type=chunk)[6](index=6&type=chunk) - The interim analysis will include data for approximately **65 patients** who have had at least **18 weeks** of follow-up, with about **45%** in the ovarian cancer cohort[3](index=3&type=chunk)[6](index=6&type=chunk) - The company continues to execute at a high level in advancing the registrational Phase 2 PYNNACLE clinical trial[4](index=4&type=chunk) About PMV Pharma and Product Pipeline PMV Pharma is a precision oncology company focused on p53-targeting therapies, with rezatapopt as its lead clinical candidate in the PYNNACLE trial [Company Overview](index=1&type=section&id=Company%20Overview) PMV Pharma is a precision oncology company developing small molecule, tumor-agnostic therapies targeting p53, a protein mutated in about half of all cancers - PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53[2](index=2&type=chunk)[9](index=9&type=chunk) - TP53 mutations are found in approximately **half of all cancers**, and the company's co-founder, Dr Arnold Levine, established the field of p53 biology[9](index=9&type=chunk) [Product Candidate: Rezatapopt (PC14586)](index=1&type=section&id=Product%20Candidate%3A%20Rezatapopt%20%28PC14586%29) Rezatapopt (PC14586) is a first-in-class p53 reactivator targeting the Y220C mutant protein, restoring tumor-suppressor function, with FDA Fast Track designation - Rezatapopt (PC14586) is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the pocket in the p53 Y220C mutant protein, restoring wild-type tumor-suppressor function[5](index=5&type=chunk) - The U.S. Food and Drug Administration granted Fast Track designation to rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation[5](index=5&type=chunk) [Clinical Trial Program: PYNNACLE](index=2&type=section&id=Clinical%20Trial%20Program%3A%20PYNNACLE) The PYNNACLE clinical trial is an ongoing Phase 1/2 study evaluating rezatapopt in advanced solid tumors with a TP53 Y220C mutation, with Phase 2 as a registrational, single-arm, expansion basket trial - The ongoing Phase 1/2 PYNNACLE clinical trial is evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation[8](index=8&type=chunk) - The primary objective of Phase 1 was to determine the maximum tolerated dose and recommended Phase 2 dose (RP2D) of rezatapopt[8](index=8&type=chunk) - The Phase 2 portion is a registrational, single-arm, expansion basket clinical trial comprising five cohorts (ovarian, lung, breast, and endometrial cancers, and other solid tumors) to evaluate the efficacy of rezatapopt at the RP2D[8](index=8&type=chunk) Financial Statements This section presents PMV Pharma's condensed consolidated balance sheets and statements of operations and comprehensive loss for Q2 2025 and prior periods [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, PMV Pharma reported total assets of **$152.86 million**, a decrease from **$191.29 million** at December 31, 2024, primarily driven by a reduction in marketable securities, with corresponding decreases in liabilities and stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $44,127 | $40,876 | +$3,251 | | Marketable securities, current | $98,147 | $128,578 | -$30,431 | | Total current assets | $145,311 | $175,658 | -$30,347 | | Total assets | $152,855 | $191,288 | -$38,433 | | Total current liabilities | $11,607 | $14,370 | -$2,763 | | Total liabilities | $12,250 | $15,208 | -$2,958 | | Total stockholders' equity | $140,605 | $176,080 | -$35,475 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q2 2025, PMV Pharma reported a net loss of **$21.21 million**, significantly higher than the **$1.21 million** loss in Q2 2024, primarily due to a prior year income tax benefit, with R&D expenses increasing and G&A expenses decreasing Condensed Consolidated Statements of Operations (Three Months Ended June 30, in thousands) | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Research and development | $18,400 | $14,628 | +$3,772 | | General and administrative | $4,479 | $5,542 | -$1,063 | | Total operating expenses | $22,879 | $20,170 | +$2,709 | | Loss from operations | $(22,879) | $(20,170) | -$2,709 | | Interest income, net | $1,690 | $2,801 | -$1,111 | | Provision (benefit) for income taxes | $5 | $(16,173) | +$16,178 | | Net loss | $(21,210) | $(1,213) | -$19,997 | | Net loss per share -- basic and diluted | $(0.41) | $(0.02) | -$0.39 | Condensed Consolidated Statements of Operations (Six Months Ended June 30, in thousands) | Metric | H1 2025 | H1 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Research and development | $35,841 | $27,813 | +$8,028 | | General and administrative | $8,600 | $10,578 | -$1,978 | | Total operating expenses | $44,441 | $38,391 | +$6,050 | | Loss from operations | $(44,441) | $(38,391) | -$6,050 | | Interest income, net | $3,625 | $5,753 | -$2,128 | | Provision (benefit) for income taxes | $(2,191) | $(16,173) | +$13,982 | | Net loss | $(38,646) | $(16,483) | -$22,163 | | Net loss per share -- basic and diluted | $(0.74) | $(0.32) | -$0.42 | Legal and Contact Information This section outlines forward-looking statements and provides contact details for investor and media inquiries [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%
PMV Pharmaceuticals (PMVP) Earnings Call Presentation
2025-07-01 06:43
Rezatapopt Clinical Development - PMV Pharma's lead candidate, rezatapopt (PC14586), is a first-in-class p53 Y220C reactivator targeting the previously undruggable p53 Y220C mutation, found in approximately 1% of solid tumors[4,9] - Rezatapopt has shown clinical proof of concept with favorable safety and preliminary efficacy across multiple tumor types[4] - A single-arm, registrational, tumor-agnostic Phase 2 trial was initiated in Q1 2024, with an interim analysis planned for mid-2025 and NDA submission planned for the end of 2026[4] - In the Phase 1 study, tumor shrinkage was observed in 87% of patients with measurable disease at baseline, KRAS wild type, and at least one post-baseline assessment in the efficacious dose range[22] - Confirmed responses at the Recommended Phase 2 Dose (RP2D) of 2000 mg QD showed an Overall Response Rate (ORR) of 38% in TP53 Y220C/KRAS WT patients[24] - The median time to response in the efficacious dose range for TP53 Y220C/KRAS WT patients was 15 months[27] Safety and Tolerability - Rezatapopt demonstrated a favorable safety profile, with most Treatment-Related Adverse Events (TRAEs) being Grade 1 or 2[29] - The most frequent TRAEs were nausea (507%) and vomiting (433%), which improved when rezatapopt was given with food[29] - The rate of drug discontinuation due to a TRAE was low at 3%[29] Financial Position and Future Plans - PMV Pharma had $198 million in cash as of September 30, 2024, providing a cash runway to year-end 2026[4] - The Phase 2 trial includes defined registration paths in ovarian and tumor-agnostic patient populations, with approximately 90% of TP53 Y220C patients being KRAS wild type[39,42]
PMV Pharmaceuticals (PMVP) 2025 Conference Transcript
2025-06-05 20:45
Summary of PMV Pharma Conference Call Company Overview - PMV Pharma was founded approximately eleven years ago by David Mack, Arne Levine, and Thomas Shank, focusing on harnessing the power of the p53 protein [3][4] - The company is currently advancing its Phase two registrational study for rizatapupt, targeting the TP53Y220C mutation in solid tumors [3][4] Current Programs and Clinical Trials - The Phase one program evaluated rizatapupt, leading to a successful transition into Phase two, with enrollment expected to complete by the end of this year [4][36] - An interim analysis is planned for mid-year, sharing data from around 50 patients, including 20 with ovarian cancer [4][36] - The Y220C mutation occurs in approximately 1% of all solid tumors and 3% in ovarian cancer, driving the design of a basket study across multiple tumor types [9][10] Efficacy and Safety Data - Preliminary Phase one data showed a 38% confirmed overall response rate across six tumor types, with a median duration of response (DOR) of seven months [11][35] - Safety profile was favorable, primarily grade one and two treatment-related adverse events, mainly gastrointestinal toxicities, which were mitigated by food [12][35] Study Design and Regulatory Alignment - The FDA provided alignment on the Phase two study design and recommended dose in July 2023, facilitating a potential registration path [22][23] - The Phase two study aims for a 30% response rate in ovarian cancer patients, with a confidence interval lower bound excluding 12% [24][31] Enrollment and Future Plans - Enrollment is on track, with 114 patients expected by year-end, including 42 in the ovarian cancer cohort [36][43] - NDA submission is anticipated by the end of next year, contingent on follow-up data from the ovarian cancer cohort [42][54] Financial Position - PMV Pharma has approximately $165 million in cash, supporting operations until the end of next year, covering the NDA submission timeline [54][56] Future Development - The company is working on an undisclosed target in lead optimization, with hopes for an IND submission in 2026 [51][52] - There are considerations for combination studies with KRAS inhibitors, although no formal announcements have been made yet [46][47] Key Takeaways - PMV Pharma is addressing a significant unmet medical need in cancer treatment through innovative approaches targeting p53 mutations [58] - The excitement around the interim analysis and ongoing enrollment reflects strong interest from clinical centers [59]
PMV Pharmaceuticals (PMVP) FY Conference Transcript
2025-05-27 16:30
Summary of PMV Pharmaceuticals (PMVP) FY Conference Call Company Overview - **Company**: PMV Pharmaceuticals (PMVP) - **Event**: FY Conference Call on May 27, 2025 Key Points Industry and Company Focus - PMV Pharmaceuticals is focused on oncology, specifically targeting p53 mutations in various solid tumors, including ovarian, lung, breast, and endometrial cancers [4][50]. Clinical Trial Updates - The pivotal Phase 2 trial involves 14 patients with p53 mutations and KRAS wild type across five cohorts: ovarian, lung, breast, endometrial, and others [4]. - As of March, approximately 90% of the targeted 60 sites for patient enrollment were open, with plans to complete enrollment by the end of 2025 [5][6]. - The company expects to enroll 50 patients for an interim analysis, with approximately 40% of these being ovarian cancer patients [10][12]. - The trial is designed to provide data on overall response rates (ORR) and durability of response (DOR) across different cohorts [41][43]. Data and Efficacy Expectations - Previous Phase 1 data indicated a median DOR of seven months across various histologies [14][18]. - The company anticipates that the first responses will be observable at the first or second scan, approximately six to twelve weeks into the trial [20]. - The target ORR for the study is set at 30%, which is considered clinically meaningful for ovarian cancer [58][62]. Regulatory and Commercialization Strategy - PMV Pharmaceuticals is considering filing for regulatory approval (NDA) by the end of 2026, likely focusing on ovarian cancer first due to the higher frequency of p53 mutations in this cohort [52][53]. - The company is engaging with the FDA and has had positive interactions, with no significant changes in the review team noted [74][76]. - There is an ongoing evaluation of commercialization strategies, including potential partnerships, especially for markets outside the US [71][72]. Financial Position - PMV Pharmaceuticals reported a cash position of $166 million, which is expected to sustain operations through 2026, covering the NDA submission process [73]. Additional Insights - The company is actively monitoring patient identification and tolerability issues, noting that p53 mutations are present in all next-generation sequencing (NGS) panels, which aids in patient identification [65]. - PMV Pharmaceuticals is also exploring combination therapies, such as with azacitidine for AML and MDS, with initial patient enrollment underway [81][84]. Future Expectations - An update on the trial data is expected in mid-2025, likely between July and August [8][10]. - The company aims to provide a comprehensive breakdown of data by cohort during the interim analysis [42][43]. This summary encapsulates the critical aspects of PMV Pharmaceuticals' current status, focusing on their clinical trials, regulatory strategies, financial health, and future expectations in the oncology sector.
PMV Pharmaceuticals(PMVP) - 2025 Q1 - Quarterly Report
2025-05-09 12:00
PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents PMV Pharmaceuticals' unaudited condensed consolidated financial statements for Q1 2025 and 2024, detailing financial position, performance, and significant accounting policies [Condensed Consolidated Balance Sheets (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Details the company's financial position, including assets, liabilities, and equity, as of March 31, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (Unaudited) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $51,341 | $40,876 | | Marketable securities, current | $109,047 | $128,578 | | Total current assets | $163,499 | $175,658 | | Total assets | $170,608 | $191,288 | | Total current liabilities | $9,759 | $14,370 | | Total liabilities | $10,501 | $15,208 | | Total stockholders' equity | $160,107 | $176,080 | | Accumulated deficit | $(386,148) | $(368,712) | [Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) Presents the company's financial performance, including revenues, expenses, and net loss, for the three months ended March 31, 2025, and 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Research and development | $17,441 | $13,186 | | General and administrative | $4,123 | $5,035 | | Total operating expenses | $21,564 | $18,221 | | Loss from operations | $(21,564) | $(18,221) | | Interest income, net | $1,935 | $2,952 | | Net loss | $(17,436) | $(15,270) | | Net loss per share -- basic and diluted | $(0.34) | $(0.30) | [Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity%20(Unaudited)) Details changes in the company's equity, including common stock, additional paid-in capital, and accumulated deficit, for the periods presented Condensed Consolidated Statements of Stockholders' Equity (Unaudited) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Additional Paid-in Capital | $546,171 | $544,653 | | Accumulated Deficit | $(386,148) | $(368,712) | | Total Stockholders' Equity | $160,107 | $176,080 | | Common Stock Shares Outstanding | 51,954,135 | 51,935,134 | - The company's accumulated deficit increased from **$(368,712) thousand** at December 31, 2024, to **$(386,148) thousand** at March 31, 2025, reflecting the net loss incurred during the quarter[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Summarizes the company's cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net cash used in operating activities | $(18,266) | $(16,184) | | Net cash provided by investing activities | $28,714 | $26,166 | | Net cash provided by financing activities | $10 | $0 | | Net increase in cash and cash equivalents | $10,465 | $9,948 | | Cash, cash equivalents, and restricted cash - end of period | $51,341 | $48,476 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures regarding the company's financial position, performance, and significant accounting policies [1. Formation and Business of the Company](index=9&type=section&id=1.%20Formation%20and%20Business%20of%20the%20Company) PMV Pharmaceuticals is a precision oncology company developing p53-targeting therapies, with significant losses and negative cash flows, requiring future financing - PMV Pharmaceuticals, Inc. is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53[28](index=28&type=chunk) - The Company incurred a net loss of **$17,436 thousand** for the three months ended March 31, 2025, and used **$18,266 thousand** of cash for operations during the same period[30](index=30&type=chunk) March 31, 2025 (in thousands) | Metric | March 31, 2025 (in thousands) | | :------------------------------------ | :----------------------------- | | Accumulated deficit | $386,148 | | Cash, cash equivalents, and marketable securities | $165,823 | [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines the company's significant accounting policies, including GAAP basis, use of estimates, fair value measurements, cash, leases, property, and recent ASU adoptions - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and include all normal recurring adjustments[32](index=32&type=chunk) - The Company adopted FASB ASU 2023-07, Segment Reporting, on December 31, 2024, which is disclosure-related and did not impact financial position or results of operations[51](index=51&type=chunk)[53](index=53&type=chunk) - Marketable debt securities are classified as available-for-sale and carried at fair value, with unrealized gains and losses reported in accumulated other comprehensive loss[38](index=38&type=chunk) [3. Fair Value Measurements](index=13&type=section&id=3.%20Fair%20Value%20Measurements) Financial instruments, including money market funds and debt securities, are measured at fair value using Level 1 and Level 2 inputs, with no Level 3 assets or liabilities Financial Assets Fair Value as of March 31, 2025 (in thousands): | Asset Type | Carrying Amount | Fair Value | Level 1 | Level 2 | | :------------------ | :-------------- | :--------- | :------ | :------ | | Money market funds | $51,261 | $51,261 | $51,261 | $0 | | Corporate securities | $37,503 | $37,501 | $1,698 | $35,803 | | Government securities | $76,901 | $76,981 | $57,665 | $19,316 | | **Total** | **$165,665** | **$165,743** | **$110,624** | **$55,119** | Financial Assets Fair Value as of December 31, 2024 (in thousands): | Asset Type | Carrying Amount | Fair Value | Level 1 | Level 2 | | :------------------ | :-------------- | :--------- | :------ | :------ | | Money market funds | $40,790 | $40,790 | $40,790 | $0 | | Corporate securities | $32,941 | $32,949 | $2,148 | $30,801 | | Government securities | $109,341 | $109,472 | $73,339 | $36,133 | | **Total** | **$183,072** | **$183,211** | **$116,277** | **$66,934** | - As of March 31, 2025, and December 31, 2024, aggregated gross unrealized losses of available-for-sale investments were not material[59](index=59&type=chunk) [4. Property and Equipment, Net](index=14&type=section&id=4.%20Property%20and%20Equipment,%20Net) Net property and equipment decreased to **$376 thousand** by March 31, 2025, due to depreciation and leasehold improvement write-offs from a lease termination Property and Equipment, Net | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Total property and equipment | $1,667 | $1,869 | | Less: Accumulated depreciation | $(1,291) | $(1,460) | | Property and equipment, net | $376 | $409 | - Depreciation expense for the three months ended March 31, 2025, was **$37 thousand**, significantly lower than **$362 thousand** for the same period in 2024[60](index=60&type=chunk) [5. Accrued Expenses](index=14&type=section&id=5.%20Accrued%20Expenses) Total accrued expenses decreased to **$5,802 thousand** by March 31, 2025, primarily due to a reduction in accrued compensation Accrued Expenses | Accrued Expense Type | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------- | :----------------------------- | :----------------------------- | | Accrued compensation | $2,777 | $5,005 | | Accrued research and development costs | $2,857 | $2,177 | | Accrued legal and professional services | $168 | $257 | | **Total** | **$5,802** | **$7,439** | [6. Commitments and Contingencies](index=14&type=section&id=6.%20Commitments%20and%20Contingencies) The company terminated its prior lease, incurring a **$6,024 thousand** loss, and entered new subleases, resulting in lower Q1 2025 lease costs of **$135 thousand** - The Company terminated its One Research Way lease in October 2024, paying a **$1,420 thousand** termination fee and writing off **$9,454 thousand** in leasehold improvements, resulting in a net loss of **$6,024 thousand**[63](index=63&type=chunk)[65](index=65&type=chunk) - New subleases were signed in August and September 2024 for a new headquarters (400 Alexander Sublease, extending to Feb 2027) and laboratory space (311 Pennington Sublease, extending to Dec 2029)[66](index=66&type=chunk)[67](index=67&type=chunk) Lease Metric | Lease Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------- | :--------------------------------------------- | :--------------------------------------------- | | Operating lease cost | $118 | $355 | | Variable lease cost | $17 | $133 | | Total lease cost | $135 | $488 | Operating Lease Liabilities (in thousands): | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :---------------- | | Right-of-use assets, operating leases | $1,061 | $1,143 | | Total operating lease liabilities | $1,106 | $1,190 | | Weighted-average remaining lease term (years) | 3.27 | 3.47 | | Weighted-average discount rate | 13.70% | 13.70% | [7. Stockholders' Equity](index=16&type=section&id=7.%20Stockholders%27%20Equity) As of March 31, 2025, **51,954,135** common shares were outstanding, with **$113.8 million** remaining under the ATM Program for future issuances - As of March 31, 2025, the Company had **51,954,135** shares of common stock issued and outstanding[72](index=72&type=chunk) - The Company has approximately **$113.8 million** remaining in gross proceeds available for future issuances of common stock under the ATM Program as of March 31, 2025[74](index=74&type=chunk) [8. Stock Plan](index=16&type=section&id=8.%20Stock%20Plan) Details equity awards under the 2020 plans, including a 2025 share increase and a 2024 stock option exchange that generated **$1,370 thousand** in incremental compensation - For 2025, the number of shares reserved for issuance under the 2020 Equity Incentive Plan increased by **2,596,638** shares, effective January 1, 2025[75](index=75&type=chunk) - A stock option exchange in August 2024 granted new options at an exercise price of **$1.48**, resulting in incremental stock-based compensation expense of **$1,370 thousand** over a three or four-year vesting period[80](index=80&type=chunk) Stock-based Compensation Expense (in thousands): | Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $637 | $975 | | General and administrative | $871 | $1,635 | | **Total** | **$1,508** | **$2,610** | Stock-based Compensation Expense by Award Type (in thousands): | Award Type | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Stock options | $1,149 | $2,214 | | Restricted stock units | $278 | $342 | | Employee stock purchase plan | $81 | $54 | | **Total** | **$1,508** | **$2,610** | [9. Income Taxes](index=19&type=section&id=9.%20Income%20Taxes) The company recorded a **$2,196 thousand** income tax benefit in Q1 2025 from NOL and R&D tax credit sales, with an **11%** effective tax rate and a full valuation allowance on deferred tax assets - The Company's effective tax rates were **11%** for the three months ended March 31, 2025, and **0%** for the three months ended March 31, 2024[89](index=89&type=chunk) - A benefit for income taxes of **$2,196 thousand** was received for the three months ended March 31, 2025, from the sale of New Jersey NOL and R&D tax credits, reaching the program's sale limit[91](index=91&type=chunk) - A full valuation allowance is recorded on federal and state net deferred tax assets as management does not forecast the Company to be in a taxable position in the near future[90](index=90&type=chunk) [10. Net Loss per Share](index=19&type=section&id=10.%20Net%20Loss%20per%20Share) All outstanding stock options and RSU awards were excluded from diluted net loss per share calculations due to their anti-dilutive effect Common Stock Equivalents Excluded from Diluted Net Loss Per Share Calculation: | Item | As of March 31, 2025 | As of March 31, 2024 | | :------------------------------------ | :------------------- | :------------------- | | Options to purchase common stock | 11,947,135 | 9,065,479 | | Unvested restricted common stock units | 907,666 | 1,136,411 | | Expected shares to be purchased under 2020 ESPP | 18,898 | 11,405 | | **Total** | **12,873,699** | **10,213,295** | [11. Related Parties](index=20&type=section&id=11.%20Related%20Parties) Consulting fees paid to board members increased to **$50 thousand** in Q1 2025 from **$37 thousand** in Q1 2024 Total consulting fees paid | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------- | :--------------------------------------------- | :--------------------------------------------- | | Total consulting fees paid | $50 | $37 | [12. Restructuring](index=20&type=section&id=12.%20Restructuring) A January 2024 restructuring reduced the workforce by **30%**, incurring a **$0.6 million** non-recurring charge for severance and benefits in R&D expenses - On January 18, 2024, the Company announced a restructuring plan involving a workforce reduction of approximately **30%** of its employees[95](index=95&type=chunk) - A non-recurring charge of **$0.6 million**, primarily for employee severance and benefit costs, was incurred and recorded in research and development expenses[96](index=96&type=chunk) [13. Segment Information](index=20&type=section&id=13.%20Segment%20Information) The company operates as a single operating and reporting segment, with the CEO reviewing significant expenses, primarily research and development - The Company views its operations and manages its business as one operating and reporting segment[98](index=98&type=chunk) Significant Segment Expenses (in thousands): | Expense Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Research and Development | $17,441 | $13,186 | | General and Administration | $4,123 | $5,035 | | **Loss from Operations** | **$21,564** | **$18,221** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operations, business strategy, rezatapopt progress, liquidity, capital resources, and critical accounting policies for Q1 2025 versus 2024 [Overview](index=21&type=section&id=Overview) PMV Pharmaceuticals, a precision oncology company, reports a **$17.4 million** net loss in Q1 2025 and a **$386.1 million** accumulated deficit, with lead candidate rezatapopt in Phase 2 trials and increasing expenses requiring future funding - PMV Pharmaceuticals is a precision oncology company focused on small molecule, tumor-agnostic therapies targeting p53, a tumor suppressor protein[103](index=103&type=chunk) - The company incurred net losses of **$17.4 million** for the three months ended March 31, 2025, and had an accumulated deficit of **$386.1 million** as of the same date[104](index=104&type=chunk) - The lead product candidate, rezatapopt, is in a pivotal Phase 2 monotherapy portion of the PYNNACLE study, with interim data expected by mid-2025, and also in a Phase 1b study for AML/MDS[104](index=104&type=chunk) [Components of Results of Operations](index=22&type=section&id=Components%20of%20Results%20of%20Operations) Details the components of the company's financial results, including revenue, R&D expenses, G&A expenses, and interest income [Revenue](index=22&type=section&id=Revenue) The company has not generated any revenue to date and does not anticipate doing so in the foreseeable future, with future revenue contingent on product development and regulatory approval - The Company has not generated any revenue from product sales or any other sources since inception[109](index=109&type=chunk) [Operating Expenses](index=22&type=section&id=Operating%20Expenses) Discusses the nature and expected trends of the company's research and development and general and administrative expenses [Research and Development Expenses](index=22&type=section&id=Research%20and%20Development%20Expenses) R&D expenses cover product candidate discovery and development, primarily for rezatapopt, expensed as incurred, and are expected to increase significantly as clinical trials advance - Research and development expenses consist primarily of personnel costs, third-party contractor services, laboratory materials, and depreciation of research equipment[110](index=110&type=chunk) - Substantially all research and development costs are associated with the lead product candidate, rezatapopt, which is in a registrational, tumor-agnostic PYNNACLE Phase 2 trial[111](index=111&type=chunk) - Research and development expenses are expected to increase substantially in absolute dollars in the future as product candidates advance through clinical trials and regulatory approval[112](index=112&type=chunk) [General and Administrative Expenses](index=23&type=section&id=General%20and%20Administrative%20Expenses) G&A expenses include personnel, professional services, and facility costs, expected to increase as product candidates advance and public company obligations are met - General and administrative expenses include personnel costs, expenses for outside professional services (legal, accounting, audit, consulting), and allocated facility expenses[114](index=114&type=chunk) - The Company expects to increase general and administrative expenses as product candidates advance and compliance with SEC and exchange rules continues[114](index=114&type=chunk) [Interest Income, Net](index=23&type=section&id=Interest%20Income,%20Net) Net interest income is derived from interest-bearing cash, cash equivalents, and marketable securities, adjusted for accretion and amortization - Interest income, net, primarily consists of interest income from interest-bearing cash, cash equivalents, and marketable securities, and interest costs related to accretion and amortization of discounts and premiums[115](index=115&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Compares the company's financial performance for Q1 2025 versus 2024, highlighting changes in operating expenses, interest income, and the income tax benefit [Comparison of the Three Months ended March 31, 2025 and 2024](index=23&type=section&id=Comparison%20of%20the%20Three%20Months%20ended%20March%2031,%202025%20and%202024) Provides a detailed comparison of key financial metrics for the three months ended March 31, 2025, and 2024 Results of Operations (in thousands): | Statement of Operations Data | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :----- | | Research and development | $17,441 | $13,186 | $4,255 | | General and administrative | $4,123 | $5,035 | $(912) | | Total operating expenses | $21,564 | $18,221 | $3,343 | | Loss from operations | $(21,564) | $(18,221) | $(3,343) | | Interest income, net | $1,935 | $2,952 | $(1,017) | | (Benefit) provision for income taxes | $(2,197) | $0 | $(2,197) | | Net loss | $(17,436) | $(15,270) | $(2,166) | [Research and Development Expenses](index=24&type=section&id=Research%20and%20Development%20Expenses) R&D expenses increased by **$4.2 million** to **$17.4 million** in Q1 2025, driven by higher rezatapopt program costs, partially offset by reduced personnel expenses - Research and development expenses increased by **$4.2 million** to **$17.4 million** for the three months ended March 31, 2025, compared to **$13.2 million** for the same period in 2024[118](index=118&type=chunk) - The increase was primarily due to a **$5.2 million** increase in contractual research organization costs for the rezatapopt program, offset by a **$1.0 million** decrease in personnel-related costs and stock-based compensation due to the 2024 reduction in force[118](index=118&type=chunk)[123](index=123&type=chunk) [General and Administrative Expenses](index=24&type=section&id=General%20and%20Administrative%20Expenses) G&A expenses decreased by **$0.9 million** to **$4.1 million** in Q1 2025, primarily due to reduced personnel and facility expenses - General and administrative expenses decreased by **$0.9 million** to **$4.1 million** for the three months ended March 31, 2025, compared to **$5.0 million** for the same period in 2024[119](index=119&type=chunk) - This decrease was primarily due to an **$0.8 million** decrease in personnel expenses from reduced headcount and a **$0.1 million** decrease in facility and equipment expenses due to lower lease costs[119](index=119&type=chunk) [Interest Income, Net](index=24&type=section&id=Interest%20Income,%20Net) Net interest income decreased by **$1.1 million** to **$1.9 million** in Q1 2025, driven by lower interest rates on cash and marketable securities - Interest income, net, decreased by **$1.1 million** to **$1.9 million** for the three months ended March 31, 2025, compared to **$3.0 million** for the same period in 2024[120](index=120&type=chunk) - The decrease was driven by lower interest rates from cash and investments in marketable securities and U.S. treasuries[120](index=120&type=chunk) [Income Tax Benefit](index=24&type=section&id=Income%20Tax%20Benefit) A **$2.2 million** income tax benefit was recognized in Q1 2025 from the sale of New Jersey NOL and R&D tax credits, reaching the program's sale limit - The Company received a benefit for income taxes of **$2.2 million** for the three months ended March 31, 2025, from the sale of New Jersey NOL and R&D tax credits[121](index=121&type=chunk) - As of March 31, 2025, the Company had reached the sale limit established by the New Jersey Technology Business Tax Certificate Program[121](index=121&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company had **$165.8 million** in cash and marketable securities, an accumulated deficit of **$386.1 million**, and expects funds to last through 2026, relying on future financing Financial Condition (in thousands): | Metric | As of March 31, 2025 | As of December 31, 2024 | Change | | :-------------------------- | :------------------- | :---------------------- | :----- | | Cash and cash equivalents | $51,341 | $40,876 | $10,465 | | Marketable securities – current | $109,047 | $128,578 | $(19,531) | | Marketable securities – noncurrent | $5,435 | $13,843 | $(8,408) | | Total financial assets | $165,823 | $183,297 | $(17,474) | | Total working capital | $153,740 | $161,288 | $(7,548) | - As of March 31, 2025, the Company had cash, cash equivalents, and marketable securities of **$165.8 million** and an accumulated deficit of **$386.1 million**[125](index=125&type=chunk) - The Company expects its cash, cash equivalents, and marketable securities as of March 31, 2025, to be sufficient to fund planned operations at least through the end of 2026[132](index=132&type=chunk) [Cash Flows](index=26&type=section&id=Cash%20Flows) Q1 2025 cash flows show **$18.3 million** used in operations, **$28.7 million** provided by investing, and **$10 thousand** from financing, resulting in a **$10.5 million** net increase in cash Cash Flows (in thousands): | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Cash used in operating activities | $(18,266) | $(16,184) | | Cash provided by investing activities | $28,714 | $26,166 | | Cash provided by financing activities | $10 | $0 | | Net increase in cash and cash equivalents | $10,465 | $9,948 | [Operating Activities](index=27&type=section&id=Operating%20Activities) Net cash used in operating activities was **$18.3 million** in Q1 2025, primarily due to a **$17.4 million** net loss, partially offset by non-cash charges - Net cash used in operating activities for Q1 2025 was **$18.3 million**, primarily due to a net loss of **$17.4 million**[136](index=136&type=chunk) - Non-cash charges included **$1.5 million** in stock-based compensation and **$0.8 million** in accretion of discounts on marketable securities[136](index=136&type=chunk) [Investing Activities](index=27&type=section&id=Investing%20Activities) Investing activities provided **$28.7 million** in Q1 2025, mainly from marketable securities maturities, partially offset by new purchases - Investing activities provided **$28.7 million** of cash in Q1 2025, primarily from **$44.4 million** in maturities of marketable securities[138](index=138&type=chunk) - This was partially offset by **$15.7 million** in purchases of marketable securities[138](index=138&type=chunk) [Financing Activities](index=27&type=section&id=Financing%20Activities) Net cash provided by financing activities was **$10 thousand** in Q1 2025, primarily from stock option exercises - Net cash provided by financing activities was **$10 thousand** for the three months ended March 31, 2025, from the exercise of stock options[25](index=25&type=chunk)[140](index=140&type=chunk) [Critical Accounting Policies and Estimates](index=27&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment, especially for R&D costs and accrued expenses, with no material changes during Q1 2025 - No material changes occurred to the critical accounting policies during the three-month period ended March 31, 2025[143](index=143&type=chunk) - Key policies involve significant judgment in estimating research and development costs and accrued research and development expenses, which are expensed as incurred[144](index=144&type=chunk)[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure to interest rate fluctuations is not material, but future foreign vendor contracts could introduce foreign currency exchange rate risks - The Company's exposure to changes in interest rates is not material due to the nature and amount of its money-market funds and marketable securities[150](index=150&type=chunk) - The Company is not currently exposed to significant market risk related to changes in foreign currency exchange rates but may be in the future if it contracts with foreign vendors[151](index=151&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2025[153](index=153&type=chunk) - There have been no material changes in the internal control over financial reporting during the most recent fiscal quarter[154](index=154&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation or legal proceedings with a material adverse effect - The Company is not currently involved in any litigation or legal proceedings that are likely to have any material adverse effect[157](index=157&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, highlighting new risks from reliance on Chinese manufacturers, including potential disruptions, trade wars, tariffs, political unrest, and economic instability - New risk factors include potential adverse effects on business, financial condition, and results of operations due to reliance on third-party manufacturers in China[159](index=159&type=chunk) - Risks from China include disruptions in operations, trade wars, political unrest, unstable economic conditions, and tariffs (e.g., **10%** in Feb 2025, **20%** in March 2025, and **125%** on a large proportion of imports)[159](index=159&type=chunk) - Changes in U.S. trade policy, including potential limitations on U.S. biotechnology companies using Chinese equipment or services, could materially adversely affect the company[160](index=160&type=chunk)[161](index=161&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or material changes in the planned use of IPO proceeds are reported - There have been no unregistered sales of equity securities[162](index=162&type=chunk) - There has been no material change in the planned use of proceeds from the initial public offering[163](index=163&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities are reported - There are no defaults upon senior securities[165](index=165&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine Safety Disclosures are not applicable[166](index=166&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) This item is not applicable to the company - Other Information is not applicable[167](index=167&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) Lists exhibits filed as part of the Form 10-Q, including corporate governance documents, compensation policies, and certifications - Exhibits include the Amended and Restated Certificate of Incorporation, Bylaws, Amended Outside Director Compensation Policy, Offer Letter Agreement, Change in Control and Severance Policy Participation Agreement, and various certifications[169](index=169&type=chunk) [Signatures](index=33&type=section&id=Signatures) The report is signed by David H. Mack, Ph.D. (CEO) and Michael Carulli (CFO) on behalf of PMV Pharmaceuticals, Inc. on May 9, 2025 - The report was signed by David H. Mack, Ph.D., President, Chief Executive Officer, and Director, and Michael Carulli, Chief Financial Officer, on May 9, 2025[173](index=173&type=chunk)[174](index=174&type=chunk)